China’s finance minister opened a key gathering of APEC officials in Hong Kong with a stark warning about mounting economic uncertainty worldwide, calling on member economies to coordinate more closely to prevent policy shocks from spilling across borders.
“The international landscape is increasingly turbulent and complex, with geopolitical conflicts spilling across borders and posing multiple challenges to global economic growth,” Finance Minister Lan Fo’an told the gathering, though he offered few specifics on which risks concerned Beijing most.
The remarks come as the global economy contends with rising protectionism and the shockwaves of conflict in the Middle East, with elevated bond yields pushing up financing costs worldwide while oil prices add further pressure to inflation.
Lan called it "essential to strengthen macroeconomic policy dialogue and safeguard regional economic and financial stability," urging APEC members to improve policy communication to coordinate against the negative spillover effects of unilateral economic adjustments.
The cautious tone from Beijing's top finance official reflects growing anxiety among major economies over how overlapping geopolitical and economic shocks, from trade tensions to regional conflict, could compound one another if left uncoordinated.
Lan's appeal for closer cooperation sets the tone for the broader APEC finance ministers' gathering, where officials from across the Asia-Pacific are expected to weigh how to shield their economies from a global environment that policymakers increasingly describe as unpredictable.
